Flutter Entertainment releases pricing guidance; Covetrus readies term loan

By Sara Rosenberg

New York, Sept. 6 – In the primary market on Tuesday, Flutter Entertainment plc released price talk on its U.S. term loan B in connection with its lender call.

Flutter announced talk on its €1 billion equivalent U.S. dollar term loan B (BBB-) due July 2028 at SOFR+CSA plus 325 basis points with a 0.5% floor and an original issue discount of 97, a market source remarked.

CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, the source added.

The term loan has 101 soft call protection for one year.

Furthermore, Covetrus Inc. (Corgi BidCo Inc.) joined this week’s new issue calendar with plans to launch its previously announced $1.525 billion seven-year covenant-lite first-lien term loan, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

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